Clients leaving Tiger Brokers and Futu Low-net-worth clients who can't switch to overseas identities Will eventually move on-chain Using USDC to buy crypto and stocks There's no stopping it Bullish for $HYPE and $CRCL Giving up mainland China identity to open accounts with Tiger Brokers and Futu Versus keeping Chinese identity but not trading U.S. or Hong Kong stocks Among the current 2 million existing users 50k-100k high-net-worth individuals will likely choose the former Think about this: If the founders of Tiger Brokers and Futu Were foreigners What would things look like today? Would the penalties still be this harsh? Why aren't IB and Robinhood being penalized? Conclusion: World-class product teams Will need one condition in the future: Non-mainland China passports and identities.